2007 (6) TMI 65

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....the order of the Income-tax Appellate Tribunal in ITA Nos.1520 & 1521/Mds/2002 dated 31.5.2006 for the assessment years 1996-97 and 1997-98 respectively, raising the following substantial question of law. "Whether on the facts and circumstances of the case, the Tribunal was right in holding that the order under Section 154 was wrong as the issue was a debatable one, when the issue has been clea....

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....ng Officer had rightly rectified the assessment.  On further appeals preferred by the assessee before the Income Tax Appellate Tribunal, the Tribunal, holding that the Assessing Officer has exceeded in his jurisdiction while acting under Section 154 of the Act, as the issue was a debatable one, allowed the appeals.  Hence, the present appeals. 4. In Commissioner of Income Tax v. Sharp....